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Private or Public? A Taxonomy of Optimal Ownership and Management Regimes

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  • Pitchford, Rohan
  • King, Stephen

Abstract

We develop a theory of public versus private ownership based on value diversion by managers. Government is assumed to face stronger institutional constraints than has been assumed in previous literature. The model which emerges from these assumptions is flexible and has wide application. We provide a mapping between the qualitative characteristics of an asset, its main use - including public goods characteristics, and spillovers to other assets values - and the optimal ownership and management regime.

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Bibliographic Info

Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 401.

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Date of creation: 01 Aug 2000
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Handle: RePEc:fgv:epgewp:401

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References

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  1. King, S. & Pitchford, R., 1998. "Private or Public? A Taxonomy of Optimal Ownership and Management Regimes," Department of Economics - Working Papers Series, The University of Melbourne 625, The University of Melbourne.
  2. Florencio Lopez-deSilanes & Andrei Shleifer & Rober Vishny, 1995. "Privatization in the United States," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1723, Harvard - Institute of Economic Research.
  3. Schmidt, Klaus M., 1996. "The costs and benefits of privatization: An incomplete contracts approach," Munich Reprints in Economics, University of Munich, Department of Economics 19773, University of Munich, Department of Economics.
  4. Raghuram G. Rajan & Luigi Zingales, . "Power in a Theory of the Firm," CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago 335, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  5. Jean-Jacques Laffont & Jean Tirole, 1991. "Privatization and Incentives," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 572, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(6), pages 1119-58, December.
  7. Oliver Hart & John Moore, 1997. "Default and Renegotiation: A Dynamic Model of Debt," STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE /1997/321, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  8. Shapiro, Carl & Willig, Robert D, 1990. "On the Antitrust Treatment of Production Joint Ventures," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 4(3), pages 113-30, Summer.
  9. Jorde, Thomas M & Teece, David J, 1990. "Innovation and Cooperation: Implications for Competition and Antitrust," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 4(3), pages 75-96, Summer.
  10. Oliver Hart & Andrei Shleifer & Robert W. Vishny, 1996. "The Proper Scope of Government: Theory and an Application to Prisons," NBER Working Papers, National Bureau of Economic Research, Inc 5744, National Bureau of Economic Research, Inc.
  11. Schmidt, Klaus M, 1996. "The Costs and Benefits of Privatization: An Incomplete Contracts Approach," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 12(1), pages 1-24, April.
  12. David De Meza & Ben Lockwood, 1998. "Does Asset Ownership Always Motivate Managers? Outside Options And The Property Rights Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 113(2), pages 361-386, May.
  13. Mark Armstrong & Simon Cowan & John Vickers, 1994. "Regulatory Reform: Economic Analysis and British Experience," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262510790, December.
  14. Pitchford, Rohan, 1995. "How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk," American Economic Review, American Economic Association, American Economic Association, vol. 85(5), pages 1171-86, December.
  15. Suzumura, Kotaro, 1992. "Cooperative and Noncooperative R&D in an Oligopoly with Spillovers," American Economic Review, American Economic Association, American Economic Association, vol. 82(5), pages 1307-20, December.
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Citations

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Cited by:
  1. Oliver Hart, 2003. "Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 113(486), pages C69-C76, March.
  2. Cook, David C. & Fraser, Rob W. & Weinert, Andrew S., 2013. "An Example of How Chemical Regulation is Affecting Biosecurity Policy-Making: Mediterranean Fruit Fly in Western Australia," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia, Australian Agricultural and Resource Economics Society 152142, Australian Agricultural and Resource Economics Society.
  3. Jean-Etienne de Bettignies & Thomas W. Ross, 2004. "The Economics of Public-Private Partnerships," Canadian Public Policy, University of Toronto Press, University of Toronto Press, vol. 30(2), pages 135-154, June.
  4. repec:ags:aare05:139327 is not listed on IDEAS
  5. Bennett, John & Elisabetta Iossa, 2002. "Building and Managing Facilities for Public Services," Royal Economic Society Annual Conference 2002, Royal Economic Society 22, Royal Economic Society.
  6. de Bettignies, Jean-Etienne & Ross, Thomas W., 2009. "Public-private partnerships and the privatization of financing: An incomplete contracts approach," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 27(3), pages 358-368, May.
  7. Pitchford, R. & King, S., 1998. "Private or Public? A Taxonomy of Optimal Ownership and Management Regimes," Papers, Australian National University - Department of Economics 343, Australian National University - Department of Economics.
  8. Iossa, Elisabetta & Martimort, David, 2011. "Risk Allocation and the Costs and Benefits of Public-Private Partnerships," CEPREMAP Working Papers (Docweb), CEPREMAP 1104, CEPREMAP.
  9. Grant, S. & Quiggin, J., 2001. "Noise Trader Risk and the Political Economy of Privatization," Discussion Paper, Tilburg University, Center for Economic Research 2001-104, Tilburg University, Center for Economic Research.
  10. Elisabetta Iossa & David Martimort, 2008. "The Simple Micro-Economics of Public-Private Partnerships," CEIS Research Paper, Tor Vergata University, CEIS 139, Tor Vergata University, CEIS, revised 15 Feb 2013.
  11. Lassila, Jukka & Lazutka, Romas & Morkuniene, Audrone & Jensen, Svend E. Hougaard, 2002. "Lithuanian Pension System: Alternatives and Proposals for the Future - A Summary Report by The Phare Study Group," Discussion Papers, The Research Institute of the Finnish Economy 713, The Research Institute of the Finnish Economy.
  12. Richard J. Kish & Amy F. Lipton, 2013. "Do Private Prisons Really offer Savings Compared with their Public Counterparts?," Economic Affairs, Wiley Blackwell, Wiley Blackwell, vol. 33(1), pages 93-107, 02.

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